Fitchburg Shops | New Absolute NNN Leases | New Construction
Fitchburg, WI
Price: $2,725,000Cap Rate: Building SF: 8,117 SFLot Size: 0.94 AcresYear Built: 2017Status: Closed

Investment Highlights: 

2017 Construction – Desirable National Tenants: Caribou Coffee/Einstein Bros Bagels, Jimmy John’s, AT&T – The Fitchburg Shops center is a 8,117-square-foot multi-tenant retail building that is 100% leased to national tenants Caribou Coffee/Einstein Bros. Bagels (Drive-Thru), Jimmy John’s, and AT&T.

High Visibility Location Along Desirable Fish Hatchery Rd (46,000 CPD) – Major Corridor Improvements  – The Property is ideally located along Fish Hatchery Rd, which sees 46,000+ cars per day. Fish Hatchery Rd is a major north-south corridor through Fitchburg, and will be totally rebuilt from just south of the Beltline south to McKee Road. At an estimated cost of $12.3 million, the project will replace deteriorating pavement and retaining walls, pedestrian, bus and bicycle infrastructure will be upgraded, as well as upgrades to streetscaping (planting trees, decorative touches, etc.). Intersections along Fish Hatchery Road that will be improved range from Greenway Cross at the north end (just north of the subject property) to McKee Road at the south end.

New Triple-Net (NNN) Leases – Minimal Landlord Responsibilities – Rent Growth – Caribou Coffee/Einstein Bros Bagels and Jimmy John’s are both on new 10-year NNN leases featuring 10% rent growth every five years in the Primary Term and the (3) 5-year options. AT&T is expected to open in early December and has a new 5-year NNN lease which features 10% rent increases in each of the (2) 5-year Option periods. The NNN leases provide for minimal landlord responsibilities and offer an investor a true passive income stream.

Dense Infill Location – Outstanding Surrounding Demographics – The dense infill site offers outstanding demographics, with over 85,000 people living within a 3-mile radius of the
subject property with an average household income of nearly $84,000, lending well to the center’s success.

Proximity to Fitchburg Technology Neighborhood – New 2,000-Acre Mixed Use Development – Home to Promega Corp & BioPharmaceutical Technology Center – The property’s strategic location is close to the Fitchburg Techology Neighborhood, a major new development with over 2,000 acres dedicated for high quality technology businesses in mixed-use commercial and residential settings connected by parks, open space and multi-modal transpiration, creating the ideal place for technology companies to call home. The neighborhood consists of three developments: Fitchburg Center, a 440-acre mixed-use community which is home to the global headquarters of Promega Corporation and the BioPharmaceutical Technology Center Institute (BTCI); Fitchburg Technology Campus, a 85 acre mixed-use development that is home to several technology based businesses, corporate headquarters, and residents, who are offered a wide variety of housing options; and Uptown Fitchburg, a live, work, play development with an emphasis on a walkable, bike friendly traditional neighborhood feel.

Located in the City of Fitchburg – Young, Dynamic Community Home to Fastest-Growing Tech Companies in Wisconsin – Minutes to Downtown Madison – The property is located in the growing city of Fitchburg, which is a desirable southwestern suburb just 4 miles from downtown Madison. The City of Fitchburg is a young, dynamic, and evolving community. Incorporated just 35 years ago, Fitchburg has successfully grown into a place known for attractive, family-oriented neighborhoods; a thriving technology-led business community; and well-designed, unique urban centers. Fitchburg has been strategic about its growth, focusing on first-rate design, preserving green spaces, and economic development geared toward 21st Century industries.
Fitchburg is home to several of the most advanced and fastest-growing technology companies in the state, the largest of which include Promega Corporation, Thermo Fisher Scientific, Placon Corporation, Sub-Zero/Wolf Appliance, OneNeckIT Data Center, and Saris Cycling. These companies are innovators and leaders in niche, growing industries.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977